Japan Steps Up Interest in Papua New Guinea’s Gas Riches

By

David Winning

May 23, 2013 2:59 am ET

Japan Inc. has raised its bets on Papua New Guinea as an emerging source of natural gas supply.

In the latest deal, Osaka Gas Co. Ltd. has agreed to pay US$204 million to acquire stakes in natural gas assets in Papua New Guinea owned by Australia’s Horizon Oil Ltd., which has made a string of discoveries and is considering a new gas-export facility on the coast.

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